He may have been out of the saddle for four years, but one of the biggest names in the insurance industry is ready to ride once again.
Stephen Catlin (pictured left), the name behind Catlin Group which was sold to XL Group in a $4.1 billion deal back in 2015, has now returned to insurance circles launching Convex Group alongside Paul Brand (pictured right), another former Catlin executive.
The company has been launched on the back of receiving $1.8 billion of initial committed capital and will draw down $1.6 billion to commence its business – with access to further capital as it expands. It has already picked up an A- (Excellent) rating from AM Best and has regulatory approval in London and Bermuda.
“The launch of Convex distils vast industry experience and client focus to create the insurance company of the future,” said Catlin. “We begin unencumbered by legacy but rich with expertise and the strength of independence. There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market.
“Paul and I have worked together since the early Catlin days and the team we have assembled all bring exceptional skills to the table. Together we have a once in a lifetime opportunity and I look forward to the journey that lies ahead.”
The management team includes a host of well-respected industry names:
Stephen Catlin – Chairman and chief executive officer
Paul Brand – Deputy chief executive officer
Benjamin Meuli – Chief financial officer
Robina Malik – General counsel
Adrian Spieler – Chief operating officer
Doug Howat – Chief underwriting officer insurance
Matt Paskin – Chief underwriting officer reinsurance
Mark van Zanden – Head of portfolio optimisation
The idea is that it will underwrite insurance and reinsurance for complex specialty risks while bringing together a group of talented underwriters. The invested capital comes from the Convex management team, Onex Partners V, Onex Corporation’s (TSX: ONEX) large-cap private equity fund, a consortium of co-investors and PSP Investors.
“Convex is designed for the evolving insurance industry, and combines years of experience, knowledge and history in this market,” said Brand. “Stephen and I see a great opportunity; there is demand for an insurer to bring a refreshed and enhanced offering to market, one that puts fairness and honesty at the centre of its singularly client focused proposition. Convex will challenge the status quo to create value across the chain and provide a differentiated service in a personal way. We are very excited to be launching Convex today and look forward to working with our team to create an innovative partner that drives results for our clients.”